Homebuyers gain the upper hand as sellers swamp the market
Affordability concerns still linger despite more homes becoming available for prospective buyers
Real estate agent blames affordability crisis on tough housing market
American Real Estate Association co-founder Jason Haber unpacks the state of the housing market and assesses Redfin’s announcement of a ‘great housing reset’ coming in 2026 on ‘The Claman Countdown.’
Sellers in the U.S. housing market are outnumbering buyers by a large margin, giving potential buyers who were in the market negotiating power. But it's not making a dent in the affordability crisis.
In December, there were an estimated 47.1% more home sellers than buyers in the U.S. housing market, which is the largest gap in records since 2013, according to a recent report from Realtor.com. That's up 7.1% from a month earlier, which was also the largest increase since September 2022. It's also up 22.2% from a year earlier.
Meanwhile, during that same month, the number of homebuyers fell 5.9% month over month to an estimated 1.34 million, making the largest drop since March 2023 and the lowest level in records dating back to 2013, according to the report.
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While sellers have also been backing out of the market, it's slim in comparison. Sellers in the market fell 1.1% month over month to an estimated 1.97 million.
In December, there were an estimated 47.1% more home sellers than buyers in the U.S. housing market. (Patrick T. Fallon/AFP via Getty Images)
Realtor.com defines a buyer's market as one where there are over 10% more sellers than buyers. By this definition, it has been a buyer's market since May 2024, meaning buyers have had stronger negotiating power.
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But that doesn't mean its affordability has eased for those still seeking to move. It's only a buyer's market for those that can still swallow the high borrowing and housing costs.
These high housing costs, layoffs and mounting political and economic uncertainty are still forcing many house hunters to retreat, creating an imbalance of buyers and sellers.
Realtor.com defines a buyer's market as one where there are over 10% more sellers than buyers. (David Paul Morris/Bloomberg via Getty Images)
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Some sellers have delisted their homes after they sat on the market for months with no activity.
Here are the strongest buyer markets:
1. Austin, Texas: There were an estimated 128% more home sellers than buyers in December, which was the largest imbalance.
2. Fort Lauderdale, Florida: There were an estimated 125% more home sellers.
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3. Nashville, Tennessee: There were an estimated 111% more home sellers.
4. Miami, Florida: There were an estimated 103% more home sellers.
5. San Antonio, Texas: There were an estimated 103% more home sellers.